There are no changes to FRS 101 Reduced Disclosure Framework following the Financial Reporting Council’s (FRC’s) annual review of the standard, while the regulator says it will review the impact of IFRS 17 Insurance Contracts in more detail when a clearer picture of the endorsement of the standard is known

Samsung BioLogics has become embroiled in a war of words with the Korean regulator the Financial Supervisory Service (FSS) after claims the multinational employed fraudulent methods in accounting for a subsidiary, Samsung Bioepis, which saw $6bn (£4.3bn) wiped from the ’s pharmaceutical company’s value

In this month’s roundup of developments in accounting and financial reporting, Air Partner forced to deal with £3.3m accounting error, IASB refreshes Conceptual Framework for IFRS users, US GAAP rules on revenue recognition hit GE profits

Jeroen Van Doorsselaere, vice president of risk and finance at Wolters Kluwer, on effective IFRS disclosure and the example of less is more for investors

Automotive giant Volkswagen is the latest company to report a dip in profits in the first quarter of the year as a result of switching to a new IFRS 9 Financial Instruments to report derivatives

Technology company, Aspocomp, has had to adjust its 2018 opening statement of financial position due to the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers, with €1m being added to the company’s net sales for 2017

The IFRS Foundation has indicated that the first three updates of modules designed to provide support to anyone learning about, applying or reading financial statements prepared using the IFRS for SMEs standard will be available shortly

Tony Perkins, audit partner at BDO, explains the pros and cons of the full retrospective or catch-up approach tin the transition to accounting for revenue recognition under the new IFRS 15 Revenue from Contracts with Customers focusing on issues for reporters preparing June 2018 interim accounts

Multinational aircraft and aerospace supplier Airbus has provided further details of the restatement of its 2017 financial figures to account for the implementation of IFRS 15 Revenue from contracts with customers, which will see a 20% increase in earnings before interest and taxes (EBIT) adjusted

The joint board of the Chartered Institute of Public Finance and Accountancy and the Local Authority (Scotland) Accounts Advisory Committee (CIPFA/LASAAC), has issued the latest Code of Practice on Local Authority Accounting in the United Kingdom 2018/19

The European Securities and Markets Authority (ESMA) has indicated its focus continues to be on IFRS convergence, as it publishes its 2017 annual report on the enforcement and regulatory activities of accounting enforcers within the EU

The International Accounting Standards Board (IASB) has issued its long-awaited revised Conceptual Framework for financial reporting, which underpins International Financial Reporting Standards (IFRS), stopping short of making major changes and focusing on topics that had not previously been covered or that showed obvious shortcomings